Saudi: Nadec records 149.5% leap in Q1-23 net profits

Reuters Images/Ahmed Yosri

On a quarterly basis, the Q1-23 net profits after Zakat and tax jumped by 50.04%

Staff Writer, Mubasher

May 4, 2023

PHOTO

Riyadh – National Agricultural Development Company (Nadec) posted an annual hike of 149.27% in net profit after Zakat and tax to SAR 37.69 million in the first quarter (Q1) of 2023, versus SAR 15.12 million.

Revenues increased by 22.15% year-on-year (YoY) to SAR 749.41 million in Q1-23 from SAR 613.53 million, according to the income statements.

During the first three months (3M) of 2023, the earnings per share (EPS) reached SAR 0.37, compared to SAR 0.15 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax jumped by 50.04% from SAR 25.12 million in Q4-22, while the revenues climbed by 11.80% from SAR 670.30 million.

Last year, Nadec shifted to net profits valued at SAR 95.49 million, compared to net losses after Zakat and tax worth SAR 285.03 million in 2021.

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